Which ASX shares are leading the way in the ASX 300 today?

Which ASX 300 shares are on the move today?
The post Which ASX shares are leading the way in the ASX 300 today? appeared first on The Motley Fool Australia. –

The S&P/ASX 300 Index (ASX: XKO) is back again in negative territory today, further weighing on yesterday’s losses.

During mid-afternoon trade, the ASX 300 is down 0.73% to 7,193.6 points. This means the index is down 1.18% so far this week.

Let’s take a look at which ASX companies are making headlines today.

Australian Strategic Materials Ltd (ASX: ASM)

A big mover on the ASX 300 is the Australian Strategic Materials share price, up 7.58% to $10.64.

The rare earth metals company’s shares are rebounding from dropping to a monthly low of $9.25 yesterday. The company released its full statutory accounts 2 weeks ago, providing information about its progress throughout the year.

However, a strong gain in the commodities markets could be a catalyst for its recent rise. The spot price for rare earths mineral, neodymium, is fetching around 777,500 Chinese yuan per tonne, up 24.9% year-to-date.

De Grey Mining Ltd (ASX: DEG)

Adding gains to the ASX 300 is the De Grey share price, up 6.6% to $1.13.

The gold mining company provided investors with an update yesterday on its Mallina Gold Project. The results from a scoping study identified “clear opportunities” for improvement.

In addition, the board approved the progression of the project to a pre-feasibility study with results expected in H2 2022.

It appears investors are continuing to buy De Grey shares in light of the positive announcement.

Yancoal Australia Ltd (ASX: YAL)

The Yancoal share price is surging 5.72% to $3.88 in afternoon trade.

The energy producer is continuing to see its shares surge as the spot price of coal soars to record levels. The current price is a record high of US$269.50 a tonne, up almost 50% in a month.

The two world’s largest populations – China and India – have dwindling coal supplies, leading to power blackouts across Asia. This has led to demand soaring with supplies tightened in coal and liquefied natural gas markets.

And which ASX 300 companies are heading the other way?

The a2 Milk Co Ltd (ASX: A2M)

In decline today is the A2 Milk share price, down 7.06% to $6.06.

The infant formula company’s shares are under pressure following a class action lawsuit by Slater & Gordon Limited (ASX: SGH).

The law firm launched proceedings in the Supreme Court of Victoria alleging misleading or deceptive conduct by A2 Milk. This has caused investors to dump the company’s shares ahead of the court case.

A2 Milk advised it will vigorously defend the lawsuit.

Flight Centre Travel Group Ltd (ASX: FLT)

Also being weighed down by investors today is the Flight Centre share price, down 5.73% to $23.03.

The travel agent’s shares have fallen today with investors deciding to take profit off the table.

It’s worth noting Flight Centre shares reached a 52-week high of $25.28 on Tuesday. As such, short-sellers have increased their interest to about 11% of the company’s shares.

The post Which ASX shares are leading the way in the ASX 300 today? appeared first on The Motley Fool Australia.

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More reading

Why A2 Milk, CBA, Flight Centre, & Magellan’s shares are sinking

Leading brokers name 3 ASX shares to sell today

ASX 200 (ASX:XJO) midday update: A2 Milk class action, tech shares rebound

A2 Milk (ASX:A2M) share price on watch after being hit with class action
5 things to watch on the ASX 200 on Wednesday

Motley Fool contributor Aaron Teboneras owns shares of A2 Milk. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended A2 Milk and Flight Centre Travel Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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